- You can seek cancellation a life insurance policy within 15 days (30 days if sold by distance mode) from the date of receipt of the policy document if you disagree with any of the terms or conditions in the policy.
- For this, you should return the policy stating the reasons for objection.
- You will be entitled to a refund of the premium paid.
- A proportionate risk premium for the period on cover and the expenses incurred by the insurer on medical examination and stamp duty charges will be deducted
- If it is a unit linked insurance policy (ULIP) in addition, the insurer can repurchase the units at the price on the cancellation date
Wednesday, October 5, 2016
Free Look Cancellation
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